W&T Offshore lifts output estimate, receives insurance funds

RobertDaniel

NEW YORK (MarketWatch) -- W&T Offshore Inc.,
WTI, +0.52%
the Houston oil and natural gas company focused primarily in the Gulf of Mexico, boosted its estimates of production for the second quarter. The company also said it expects that in the third quarter it will return to the production rates it reported before Hurricane Katrina. At June 15, W&T was producing 215 million cubic feet equivalent a day, which equals about 88% of its pre-Katrina output. "The company also estimates 17 MMcfe per day of net production was shut in, primarily due to issues with field infrastructure and product sales pipelines," W&T said. W&T also said it has $28 million in hurricane-insurance receivables and that it will accrue and receive another $50 million of receivables in 2006 as work continues.

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